Financing conducted by underwriters Merriman Capital and Roth Capital
By Angela McDaniels
Tacoma, Wash., March 16 - Quantum Fuel Systems Technologies Worldwide, Inc. sold 17.2 million units in a public offering, raising $13.43 million of net proceeds.
Roth Capital Partners and Merriman Capital, Inc. are the underwriters. They have an over-allotment option for 2.58 million additional units, according to an FWP filing with the Securities and Exchange Commission.
Each unit consists of one share of common stock, 0.6 of a series B warrant and one series C warrant. The price is $0.83 per share and $0.01 per warrant, or $0.846 per unit.
The warrants are exercisable for five years. Each whole series B warrant is exercisable for one share of common stock. Each series C warrant is exercisable for one share and 0.47 of a series B warrant.
The exercise price is $1.02 for the series B warrants and $0.85 for the series C warrants. These are a 2% premium and a 15% discount, respectively, to the company's $1.00 closing share price on March 15.
Proceeds will be used to repay $3.88 million of principal and interest on the company's convertible notes due March 20, 2012. The remaining proceeds will be used for working capital and other general corporate purposes.
Quantum is an engineering company based in Irvine, Calif.
| Issuer: | Quantum Fuel Systems Technologies Worldwide, Inc.
|
| Issue: | Units of one common share, 0.6 of a series B warrant and one series C warrant
|
| Amount: | $14,551,200
|
| Net proceeds: | $13,425,082
|
| Greenshoe: | For 2.58 million units
|
| Units: | 17.2 million
|
| Price: | $0.846 per unit, or $0.83 per share plus $0.01 per series B warrant plus $0.01 per series C warrant
|
| Warrants: | Series B warrants exercisable for one share; series C warrants exercisable for one share and 0.47 of a series B warrant
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.02 for series B warrants; $0.85 for series C warrants
|
| Underwriters: | Roth Capital Partners and Merriman Capital, Inc.
|
| Pricing date: | March 16
|
| Settlement dates: | March 20 and March 21
|
| Stock symbol: | Nasdaq: QTWW
|
| Stock price: | $1.00 at close March 15
|
| Market capitalization: | $20.28 million
|
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